Gold is a staple of savvy investors. Are you interesting in knowing what it takes to invest gold, so it contributes to making your portfolio a strong one? You must consider many different things when you are deciding whether to buy raw gold or purchase shares. Continue reading to learn more about gold as a financial investment.
It is crucial that you have a solid idea about how the gold and precious metals market works. Precious metal prices vary from day to day and it’s best to check the price before selling or buying gold. You should be ready to pay a higher percentage for fractional pieces like half ounces and quarter ounces over the melt prices.
Conduct extensive research before you do business with a company specializing in gold. You can look at online reviews, check at the consumer protection organizations or read on message boards about complaints. If you get bids from a few buyers, you can likely get a better price.
Delivery Date
Before you buy gold from a dealer, get a guaranteed delivery date. If this is not possible, make sure you get a written contract outlining when the items will arrive. Their expected delivery date should be indicated. Complete your order only when given this information.
If you want to unload scrap gold pieces or jewelry items for cash, do your homework first. Many stores will charge a higher rate than the posted spot rate for gold. Some stores outside of busy urban areas do not have to pay as much on rents as stores located in a shopping mall and will offer a better price.
If you decide to mail your gold to a buyer, find out how much mailing and insuring these items will cost you and how much you will have to pay to have the items mailed back to you in case you do not accept the buyer’s offer. Many companies offer free shipping but charge more for mailing items back. Be sure that you find out ahead of time how much it will cost to get back your jewelry.
If you don’t want to worry about storing, shipping and insuring your gold, consider buying GoldMoney instead. It is kind of like setting up a gold “bank account.” All you do is set up the account, deposit funds, and then you are assigned gold to your account. The gold remains in the bank until you sell it.
One quit and cheap method of finding out whether or not gold is real is to use a magnet on it. Precious metals that are true like gold aren’t going to be magnetized. There may be times when an item of jewelry has a solid gold clasp, but the rest of the item is only gold plated. This method is good test for that.
Separate your gold by karat weight. Keep an eye on the gold buyer because they may try and deceive you. A common trick is to weigh everything together and then give you the price for the karat that is the lowest weight. This is a scam that will cost you money. Separate your items by karat in advance to avoid being tricked.
Get to know the dealer before buying gold. Check with the Better Business Bureau to verify the reputation of a dealer. This will help you find any complaints registered against any gold dealers. If there have been complaints filed, consider using a different dealer.
Now that you’ve read this article, you know there is a lot to know about buying gold. With luck, you are now empowered to make some good choices about fitting gold into your portfolio. Remember the advice you learned here when you invest in gold.